Universal Overlaied Renko

[Bari_Federico]

Here the link for this custom indicator: Tradovate

Universal Renko Bars — compressed Renko bricks overlaid on classic bars (time or volume-based, or Heikin Ashi). Adaptive brick sizing via configurable ATR, Percentage, or Auto modes.
First load can be slow; on fast timeframes (e.g., 1m) reduce the historical lookback and/or the number of drawn bricks for better performance.

PARAMETERS WHAT THEY DO AND HOW THEY IMPACT

SIZING BRICK SIZE

• calcMethod can be atr or percent or auto

• ATR adapts to current volatility and suits markets that breathe

• Percentage uses a fixed size as a percent of price and is stable and predictable

• Auto estimates a base percent from the price level scaled by autoSensitivity and is handy when the symbol is unknown

• atrLength default 14

  • Longer values make bricks more stable and slower to adapt

  • Shorter values make bricks more reactive

• atrMultiplier default 0.15

  • Larger values produce bigger bricks fewer reversals more filtering

  • Smaller values produce more signals but more noise

• percentSize only if percent

  • Larger values increase brick size and reduce reversals

  • Smaller values decrease brick size and create a denser structure

• autoSensitivity only if auto

  • Higher values produce bigger bricks

  • Lower values produce smaller bricks

• Note the effective brick size is at least the contract minimum tick contractInfo dot tickSize

  • Very small parameter values will not go below the tick

BRICK DYNAMICS CONTINUATION VERSUS REVERSAL

• tickTrend default 1

  • How many brick units are required to continue in the same direction

  • Higher values require more distance to print a continuation brick making runs more selective

• tickReversal default 1

  • How many brick units are required for a reversal

  • Higher values make reversals harder reducing whipsaw and making trends more persistent

  • Setting tickReversal greater than tickTrend is a common way to filter noise

• openOffset default 0.0

  • Shifts the virtual open of the next brick by a fraction of a brick

  • Mostly cosmetic reduces live brick flicker

  • Higher values create more visual separation for the live brick but if too high can confuse intrabar reading

VISUALIZATION AND PERFORMANCE

• showConfirmed and showUnconfirmed

  • Confirmed means closed bricks

  • The unconfirmed last brick can move with price which is useful for timing but increases flicker

• showLevels

  • Draws brickTop and brickBottom lines which are continuation and reversal thresholds

  • Helpful for breakouts

• brickWidthPx and brickHeightPx

  • Pixel dimensions of rectangles that ensure visibility at any zoom

  • Larger values are easier to read but if too large they can overlap

• brickOutlineColor and brickOutlineWidth

  • Appearance only

  • More width helps on high DPI monitors

• maxDrawBricks default 150 with up to 400 stored

  • Limits how many bricks are drawn not calculated

  • Lower values improve performance and are ideal on one minute or tick charts

• fastMode default on

  • After the first render the script computes only on the last bar which is much faster

  • With fastKeepLevels default on the level lines remain visible on historical bars

• debug and debugRateMs

  • Console logs

  • Leave these off in production because they affect speed

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WHAT TO EXPECT WHEN YOU CHANGE PARAMETERS

• Higher atrMultiplier or percentSize or autoSensitivity yields fewer signals cleaner trends and wider stops

• Setting tickReversal greater than tickTrend for example two to one is a strong anti noise filter for trend following

• Short atrLength combined with small bricks creates a reactive scalping setup but with more false signals

• Larger brickHeightPx keeps bricks visible even when the intrabar range is small

• Turning showUnconfirmed off reduces flicker on very volatile instruments

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PLAYBOOK OPERATIONAL IDEAS

FILTERED TREND FOLLOWING

• Use atr with atrLength 14 to 21 and atrMultiplier 0.20 to 0.35 and tickTrend 1 and tickReversal 2 to 3

• Entry new brick in trend direction when price clears brickTop or brickBottom

• Exit on brick reversal or target two to three bricks

INTRADAY BREAKOUT

• Use percent with percentSize tuned to the symbol for example 0.05 to 0.15 percent

• Use tickTrend 1 and tickReversal 1 to 2

• Confirm with a break of brickTop out of congestion

• Stop below the last brickBottom

ONE MINUTE SCALPING OR MICRO FUTURES

• Use auto with autoSensitivity 0.8 to 1.1 and atrLength 10 to 14 and tickReversal 2

• Turn fastMode on and set maxDrawBricks 60 to 100 and turn showUnconfirmed off for stability

• Take one to two bricks and exit on reversal or time

SWING ON HIGHER TIME FRAMES OR DAILY

• Use atr with atrLength 14 to 21 and atrMultiplier 0.4 to 0.8 and tickReversal 2 to 3

• Confirm with moving average 20 or 50 or with VWAP

• Hold until an opposite brick appears

HEIKIN ASHI AS THE BASE

• Use Heikin Ashi as the base for smoothing and the Renko overlay for timing

• Helpful on very active instruments such as crypto

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SUGGESTED STARTING SETTINGS

• Index futures ES or NQ intraday atr length 14 multiplier 0.20 to 0.30 reversal 2

• FX majors percent size 0.05 to 0.12 percent or auto 1.0 reversal 2

• Volatile crypto atr length 10 to 14 multiplier 0.25 to 0.45 reversal 2 to 3

• Stocks daily atr length 14 multiplier 0.5 to 0.8 reversal 2

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PERFORMANCE AND TROUBLESHOOTING

• First load is slow this is normal reduce maxDrawBricks and the instrument lookback

• No or few bricks sizing is too large lower atrMultiplier or percentSize or autoSensitivity

• Too much flicker turn showUnconfirmed off and increase openOffset to 0.25 to 0.5

• Whipsaw set tickReversal greater than tickTrend for example 2 or 3

• Symbols with a large tick size a brick will not go below tickSize for more granularity use a percent larger than the minimum tick or switch to instruments with a finer tick size